Despite continuous efforts by the government of El Salvador to promote the widespread adoption of cryptocurrencies in the country, a recent report by CoinGecko highlights that the number of cryptocurrency owners in this nation is still limited.
Published on December 7th, the report emphasizes that El Salvador is the only country in the world actively using cryptocurrencies as legal tender. However, a relatively small percentage of the population currently holds Bitcoin (BTC):
Despite these progressive measures, the adoption of Bitcoin in El Salvador remains relatively low. According to data from Triple-A, about 109,175 people own Bitcoin in El Salvador, a country with a population of 6.36 million – approximately 1.72%.
Furthermore, El Salvador ranks 55th in the global cryptocurrency acceptance index. However, some countries, including those that have imposed bans on cryptocurrencies, are experiencing faster growth rates.
Despite the cryptocurrency ban in China, the proportion of its citizens who own digital assets remains higher. The report states: “An estimated 4.08% of China’s total population (or 58 million people) currently own cryptocurrencies.”
This comes after Salvadoran President Nayib Bukele announced that the nation’s total Bitcoin investment had reached $131 million. As of December 4th, this turned into a net profit of $3.6 million, resulting in a total profit of 2.84%.
Meanwhile, the Salvadoran government is intensifying efforts to promote cryptocurrency investment within the country. On December 8th, there was news that the nation had launched a new initiative for investment-based citizenship, offering residence permits and a path to citizenship for individuals prepared to invest $1 million in Bitcoin or Tether.
Despite these efforts, it appears that cryptocurrency ownership in El Salvador still lags behind other nations, even as the government seeks to encourage its use.